What is Economics
This social science studies how people use limited resources to satisfy their wants and needs.
What is Economics
An economic system determines how a society produces, distributes, and consumes these things.
What is Goods & Services
In economics, demand refers to the desire to buy a good or service, combined with this ability.
Purchasing Power
This term describes how much of a good or service producers are willing and able to sell at different prices.
Supply
This is the money you earn from working, allowances, or other sources.
Income
Economics is often described as the study of how individuals, businesses, and governments make these types of decisions.
What is Choice
This economic system is based on private ownership and decisions made by individuals and businesses.
What is Market Economy
According to the law of demand, when prices go up, the quantity demanded usually does this.
Decreases
According to the law of supply, as prices increase, the quantity supplied.
Supply Curve
A plan that shows how you will earn, spend, and save your money is called this.
Budget
Because resources are limited, economics focuses heavily on this fundamental problem faced by all societies.
What is Scarcity
In this type of economy, the government makes most decisions about what and how goods are produced.
What is Command Economy
This graph shows the relationship between price and quantity demanded
Demand Curve
This graph shows the relationship between price and quantity supplied.
Supply Curve
This type of account typically earns interest and is used to store money for future needs or emergencies.
Savings Account
This branch of economics examines the behavior of individual consumers and firms, such as how prices affect demand.
What is Microeconomics
Most modern economies, including the United States, use this system that combines market forces with government involvement.
What is Mixed Economy
A change in price causes movement along the demand curve, while changes in income or tastes cause this.
Shift in the Demand Curve
A change in production cost or technology causes this to happen to the supply curve.
Shift in the Supply Curve
This financial concept explains why money saved today is worth more than the same amount saved later.
Time Value of Money
This key economic concept refers to the value of the next best alternative that is given up when the decision is made.
What is Opportunity Cost
These three basic questions must be answered by every economic system: What to produce, how to produce, and for whom to produce.
What are the basic economic questions
This term describes how responsive quantity demanded is to a change in price.
Price Elasticity of Demand
This concept measures how responsive quantity supplied is to a change in price.
Price Elasticity of Supply
This type of interest is calculated on both the original principal and the interest already earned
Compound Interest